Local News

DUBAI / Emirates Business Steady gains in global personal wealth slid by more than 5 percentage points in 2018, according to a new report by Boston Consulting Group (BCG), titled Global Wealth 2019: Reigniting Radical Growth. As a result of a fourth-quarter dip in stock indexes, as well as geopolitical threats, high valuation levels, and interest rate challenges, the report ...

DUBAI / Emirates Business Emirates Integrated Telecommunications Company PJSC (du) published its financial results for Q2 2019, reporting AED3.19 billion revenues, AED 1.47 billion EBITDA and AED464 million net profit after royalty for the second quarter of the year. For H1 2019, EITC reported revenues of AED6.33 billion, EBITDA of AED 2.89 billion representing growth of 1.7 percent when compared ...

Dubai / WAM Emirates Airline transported 13 million passengers to and from China over the past 10 years, which reflects the demand for flights between China and Dubai and the growing number of flights between the UAE and China. In its statement to the Emirates News Agency (WAM), the airline noted that it currently operates five flights to China per ...

DUBAI / Emirates Business The DubaiNow platform and application has processed 7.5 million transactions, worth AED4 billion, since its launch in 2015, making it the city’s preferred portal for transactions with government services, asserted Smart Dubai and the Dubai Department of Finance (DoF). The application was designed to provide a single, centralised service platform that offers fast, seamless, and paperless ...

BEIJING / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, was awarded an honorary professorship from China’s Tsinghua University for his role and initiatives in support of advanced science, technology and innovation. This came during the visit of His Highness Sheikh Mohamed bin Zayed Al ...

DUBAI / WAM Dewa plans to build 68 new 132/11 kilovolt (kV) substations over the next three years, at a projected value of AED8 billion. This supports the directives of the wise leadership, and shows Dewa’s commitment to expanding its infrastructure to meet the growing demand for power in Dubai. “We are inspired by the vision of His Highness Sheikh ...

ABU DHABI / WAM The consolidated net profit of the Etisalat Group amounted to AED4.4 billion during the first half of the year ending on June 30, representing a 3.1 percent increase year-on-year. According to financial results, the subscriber base reached 143 million, representing a year-on-year increase of two percent. While the consolidated revenues reached AED25.9 billion, the consolidated EBITDA ...

DUBAI / WAM The Dubai-China bilateral trade hit as much as AED139 billion in 2018, and was valued at AED36 billion in the first quarter of 2019. Telecoms, phones, personal computers, aluminium, gold, automobiles, and engines topped the list of the most traded commodities between Dubai and China. China has been Dubai’s top trading partner since 2014, after the emirate ...

ABU DHABI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, stated that China is the UAE’s leading trade partner in terms of non-oil commodities, accounting for 9.7 percent of its total non-oil trade in 2018, valued at over $43 billion. The UAE’s non-oil foreign trade with China in 2018 represented 16 percent of its total non-oil foreign trade ...

ABU DHABI / WAM The central bank has announced that the money supply aggregate M1 ascended by 0.1 percent, from AED507.2 billion at the end of May 2019 to AED507.9 billion at the end of June 2019. The money supply aggregate M2 rose by 2.2 percent, from AED1321.3 billion at the end of May 2019 to AED1351 billion at the ...